Russia could become the second-largest crypto miner, expert says

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Didar Bekbauov, the founder of Kazakh mining firm Bitcoin (BTC) Xive, suggested that Russia could soon become a major player in the cryptocurrency mining space.

Bekbauov wrote in a recent Twitter thread that “Russia can gain a foothold in the world’s second place in cryptocurrency mining.”

Russia can gain a foothold in the world’s second place in cryptocurrency mining.

Oleg Ogienko, B2G director of Bitriver, says that Russia now consumes 1.7 GW for mining, 60% of which belongs to industrial data centers (from 10 MW)…

— Didar (@didar_bekbau) December 8, 2022

He also echoed ideas shared by BitRivers Government Relations Manager Oleg Ogienko at the RBC Crypto Forum on Dec. 5, when he claimed that the power consumed by the Russian Federation for mining was 1.7 gigawatts. Ogienko said 60% of this energy is used by industrial-scale mining operations while the remaining 40% is consumed by the retail market segment. He said:

Given the growth potential, industrial mining will reach 5 GW in the next two years with balanced and prudent industrial regulation. This will provide Russia with the opportunity to firmly establish itself as the world’s second largest cryptocurrency mining company.

Oleg Ogienko, Director of Government Relations at BitRiver

Such an event could potentially generate around 50 billion rubles (nearly $800 million) in tax revenue in the first year and a half, and another 500 billion (nearly $8 billion) in the next two to three years. coming years.

The news reports the recent introduction of a Russian bill that would effectively legalize crypto mining and a proposal by the Bank of Russia to only allow local miners to sell their cryptocurrencies to foreign and non-residents. .

In addition, Russia’s main mining competitor, neighboring Kazakhstan, has just imposed new restrictions on miners. From now on, purchases of electricity by Kazakh miners on the public network are only allowed in the event of a surplus and only through a particular exchange.

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